[Ipg-smz] Two lumps of "retirement" coal in my holiday stocking
Tom Henderson
thenderson at extremelabs.com
Mon Dec 23 18:50:10 UTC 2019
Yep, I'm thinking Mr Needle has a "windfall".
Tom
On 12/23/19 1:44 PM, Evan Schuman via Ipg-smz wrote:
>
> But is it ONLY bankrupt firms? And how are they defining bankrupt?
>
> In CMP’s case, it was acquired. What happens to those accounts?
>
> _______
>
> Evan Schuman
>
> eschuman at thecontentfirm.com <mailto:eschuman at thecontentfirm.com>
>
> 973-993-8098 <tel:973-993-8098> (voice)
>
> Computerworld weekly columnist (Column archive:
> http://www.thecontentfirm.com/weekly-column-on-computerworld)
>
> Moderator for MIT Sloan Management Review events
>
> Google Search: http://lmgtfy.com/?q=Evan+Schuman#
> <http://lmgtfy.com/?q=Evan+Schuman>
>
> https://twitter.com/eschuman
>
> www.linkedin.com/in/schumanevan/ <http://www.linkedin.com/in/schumanevan/>
>
> /Member, Internet Press Guild: http://netpress.org//
>
> *From:* Ipg-smz <ipg-smz-bounces at netpress.org> *On Behalf Of *Dan
> Rosenbaum via Ipg-smz
> *Sent:* Monday, December 23, 2019 1:24 PM
> *To:* ipg-smz at netpress.org
> *Cc:* Dan Rosenbaum <dan at panix.com>
> *Subject:* Re: [Ipg-smz] Two lumps of "retirement" coal in my holiday
> stocking
>
> “Either way, the topic of 'what happens to my retirement accounts when
> the company goes 'poof'?' may become an interesting article. “
>
> Well, the direct answer’s easy, although following through on it will
> not be.
>
> There’s government agency called the Pension Benefit Guaranty
> Corporation (PBGC) that takes over defined-benefit pension plans of
> bankrupt companies. It was formed by the ERISA Act of 1974. Right now,
> there are something like 5,000 pension plans being paid out by the PBGC.
>
> The money doesn’t come from general tax funds. It’s funded by
> insurance premiums paid by defined-benefit plan sponsors, assets of
> the funds it takes over, and recoveries from bankrupt pension funders.
>
> So yeah: company goes away, it sticks a federal government agency with
> paying off its pension liability.
>
> d
>
> *From: *Ipg-smz <ipg-smz-bounces at netpress.org
> <mailto:ipg-smz-bounces at netpress.org>> on behalf of Mark Brownstein
> via Ipg-smz <ipg-smz at netpress.org <mailto:ipg-smz at netpress.org>>
> *Reply-To: *<ipg-smz at netpress.org <mailto:ipg-smz at netpress.org>>
> *Date: *Monday, December 23, 2019 at 1:14 PM
> *To: *<ipg-smz at netpress.org <mailto:ipg-smz at netpress.org>>
> *Cc: *Mark Brownstein <IPG at brownstein.com <mailto:IPG at brownstein.com>>
> *Subject: *Re: [Ipg-smz] Two lumps of "retirement" coal in my holiday
> stocking
>
> I wouldn't be too surprised to find that the states where these
> companies were located had the funds in an impound account or two. I
> believe that the retirement accounts established by these companies
> HAD TO BE maintained separately from the core businesses, so the funds
> may still be there, gathering interest all these years, if you can
> find them.
>
> Maybe the Social Security Administration can point to to where these
> funds are reportedly being held and, counterintuitively, actually HELP
> you to find those accounts - or whatever agency is still holding them
> for you.
>
> It may take some work, but the reward should be well worth it.
>
> Either way, the topic of 'what happens to my retirement accounts when
> the company goes 'poof'?' may become an interesting article.
>
> On 12/22/2019 1:44 PM, David Needle via Ipg-smz wrote:
>
>
> I recently applied for social security - yeah, I'm that old. Sigh.
> But not retiring.
>
> Anyway, I just received two letters from the Social Security
> Administration headed
>
> *Potential Private Retirement Benefit Information. *
>
> Each one begins: /"We are writing to tell you that you, or the
> worker whose Social Security number appears at the top of this
> form, MAY be entitled to some retirement benefits from a private
> employer ./
>
> Long story short, one letter says there is a "value" of $18,376 in
> a retirement account connected to CMP Publications reported in
> 1998 and the other lists $34,687 from Computer Currents Publishing
> reported in 1996.
>
> Both of those companies are long gone so I assume this is just
> some unresolved accounting by Social Security. While I don't
> remember these exacty figures, I did have a 401K at both companies
> so I assume that is what is this is in reference to and the money
> isn't actually owed to me or even exists anywhere as I would have
> rolled it over long ago.
>
> Oh well, got excited there for a minute.
>
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>
--
Tom Henderson
ExtremeLabs, Inc.
+1 317 250 4646
Twitter: @extremelabs
Skype: extremelabsinc
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